Belmont finance director reports steady revenues, FY25 audit submitted to state review

Finance Director Jared Piles delivered the city’s quarterly financial update, summarizing revenues, expenditures, capital projects and audit status.

Piles told council general‑fund revenues are tracking in line with seasonal expectations (about 70% of levy collected Nov–Jan), with other general‑fund receipts helped by higher‑than‑expected investment earnings. The water and sewer fund showed strong collections and billing, and stormwater revenues were on target. Local option sales tax receipts are exceeding projections so far and are averaging above budgeted monthly expectations.

On expenditures and capital, Piles noted contracted services (mowing, sanitation) are fully encumbered for the year and cited ongoing capital work including wastewater pump installation and drainage projects. He also said the FY25 audit was completed and will be submitted to the Local Government Commission; auditors are expected to review the submittal and meet with city staff in January.

Council asked about variance presentations and fund‑balance appropriation timing; Piles explained the appropriation appears in the budget as a reserve, and the city may not need to draw the full amount depending on revenue performance through the rest of the year. Piles said staff expects fewer audit findings given recent process work and coordination with the state review team.

What’s next: the FY25 audit will be submitted to the LGC, auditors will conduct an onsite review, and staff will continue monitoring receipts and capital project recognition through the fiscal year.